Connect with us

TECH

Apple Makes History Reaching A Market Value Of $1Trillion

Published

on


Apple has made Wall Street history as it became the first publicly traded U.S. corporation to reach a market value of $1 trillion. They can thank the wildly successful iPhone, which has been a shaping the mobile world we live in and is now a staple of daily life for tens of millions of Americans who use it to make calls, send texts, snap pictures, FaceTime, emails etc.

Apple, whose stock is owned by investors ranging from billionaire Warren Buffett to mutual fund giant Vanguard to millions of working Americans through funds owned in their 401(k)s, passed the milestone days after reporting another stellar quarter, highlighted by a jump in revenue to $53.3 billion and the sale of 41.3 million iPhones.

The iPhone maker broke the $1 trillion barrier when its stock briefly hit the magic share price of $207.05, according to Nanex, which supplies market data to the financial industry. Online brokerage TD Ameritrade said the history-making trade occurred at 11:48 a.m. ET.

Apple won the race to $1 trillion, edging out rivals, such as Amazon ($877 billion), Google parent Alphabet ($858 billion) and Microsoft ($817 billion),

“Apple truly is the apple of the market’s eye,” says Erik Davidson, chief investment officer at Wells Fargo Private Bank in Chicago.


Source : USA TODAY

Trending